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Citigroup Chief Brand Officer Dermot Boden on the bank’s sponsorship of the U.S. Olympic Team.
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You can't shell out millions of dollars to have -- company logo displayed alongside the Olympic rings and -- said this year Citigroup brand that's been around for 200 years launched its first sponsorship of the Olympic Games.
-- claimants spoke with the bank's chief brand officer and -- Fox Business exclusive it there's -- now live in London hello.
OK yes I am -- again spoiler alert cover your ears if you don't -- -- hear it he has done it yes in the last twenty minutes Michael Phelps.
One yet another metal this time the gold -- to make could be most decorated Olympian in history.
Nineteen metals just stunning I get it happened right over my shoulder as liberator we could see people streaming -- -- going nuts a lot of American flags.
A great day for Michael Phelps OK yes just be able to slap your local anywhere near the Olympics.
Can cost up to -- hundred million dollars for the top sponsors it's absolutely very expensive.
But you know what for Citigroup it was time to finally take the plunge for the first time they said.
-- going here let's be a sponsor the doing other smaller scale for the US Olympic Committee and today.
We went to the USA house where all the athletes hang out and we went to find out just how even in tough economic times.
It was money that Citigroup feels as well spent and how they feel it's already paying off.
The -- great feedback from from in market research which indicates that our our advertising is very effective but that's in terms of appeal.
Breakthrough.
-- advertisers particularly I think I think original and -- unusual for an Olympic campaign has an edge and people are seeing it.
-- -- engage buy -- our our campaign of every step of the way this is effective people are excited about that and that's allowing.
The American public to engage with the athletes in a very unusual and creative way to digital way -- this is the first time Citi has been sponsor.
USOC US Olympic Committee made a 500000 dollar commitment.
And then how much more money are we talking about here that this is a significant investment for us and it's it's the first time we've entered as -- said.
And so we are putting quite a lot of money behind this campaign it's important to us.
But we're seeing the results already and I think that's very exciting proceeding successfully put us from the product -- your brand point of view and even.
Almost as important internally within Citi we're seeing the colleagues than 90000 colleagues in the US really engage in get captivated by the campaign -- Things I've noticed back in the states because on the city client but it every time I went up to what does that ATM machines.
Not only -- to see -- the five Olympics right rings but I saw specific athletes' stories.
Which I thought was an unusual and and almost more connected way of using this type of partnership.
But let's get down to that the dollar signs here from this partnership you guys want more clients you want some business here -- want people to say I wanna be a city person.
Of course of course we're looking we're looking obviously to strengthen our brand but also of course to bring you clients -- hard to have our current clients engage even more with us.
About that's gonna be a critical consequence of the campaign we anticipate a -- measure that through the next few months we don't have that data today but we are seeing the engagement that we hope will -- to.
Of course good PR -- for -- for critics are hard to come by these days what with the Libor rate manipulation scandals stress -- -- -- -- as you look at this and you said.
We want to get.
Well for what's what it's -- touchy -- good feeling about Citibank and Citigroup.
Tell me sort of that the response that you've seen as it pertains to every -- out there.
I think we're seeing a very strong response I'm very happy with the response that we're sitting here standing here right now in front of these footprints.
And this marks the signature steps of the thirteen athletes that -- partnering with through this program.
Some some -- truly profound great athletes paralympics to paralympics two very important to us because we think it's -- it's a real way -- engaging with the community.
And we we have a a a philosophy.
Of supporting people on their journey from ambition to achievement when you've got that at the uniform.
Story which is.
Pretty power -- -- profound that with with a with a wonderful lady.
Harry Miller who's who was in the military in the United States in Iraq and back and that states.
A tragic accident and lost her legs and now here she is competing for America she puts -- in in our commercial.
With another uniform.
The uniform of the US paralympic team it's a very powerful -- someone that she really was very engagement.
Big chunk of money sponsorships a city doing these days vs back in the -- Well back in the day I'm not sure exactly how many -- I know today we have two -- three very important partnerships for example Citi Field with with finance.
There other programs that we have around the world that are important to us but -- more judicious and we are we we are trying to be selective we want to partner with with.
With with people and and assets that are consistent with operandi and opera and values and that's why these thirteen athletes were very important to us that's quite partnering with the US Olympic Committee was important to us they represent the things that we want to instill into city and instill into.
It into the equity that we build with our clients -- with our customers consumers.
Believe us city is very sensitive to the fact that the financial crisis has put banks in about light in some cases they are as I said being very judicious about the money they spend -- They are nowhere near one of the top sponsors when it comes to spending not all of these types of fancy pants -- They do of course as you know -- city feel they're -- to do a tennis tournament in Washington DC but they're keeping it to about three or four big events.
And that's just the way they want -- -- and -- back to from mother we'll see again tomorrow applicant forward him my outlook Clinton of course live from the.
